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Economics is a social science that studies the production, distribution, and consumption of goods and services. It seeks to understand how individuals, businesses, and governments make decisions regarding the allocation of resources, and how these decisions affect the overall functioning of the economy. Economics also examines the role of institutions, policies, and systems in shaping economic outcomes.
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The question's economic terminology should be defined in the beginning. It should also provide a clear and succinct description of the methodology.
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